Importance of Marketing of Services
Given the intangibility of services, marketing them becomes a particularly challenging and yet extremely important task. A key differentiator: Due to the increasing homogeneity in product offerings, the attendant services provided are emerging as a key differentiator in the mind of the consumers. E.g.: In case of two fast food chains serving a similar product (Pizza Hut and Domino’s), more than the product it is the service quality that distinguishes the two brands from each other. Hence, marketers can leverage on the service offering to differentiate themselves from the competition and attract consumers. Importance of relationships: Relationships are a key factor when it comes to the marketing of services. Since the product is intangible, a large part of the customers’ buying decision will depend on the degree to which he trusts the seller. Hence, the need to listen to the needs of the customer and fulfill them through the appropriate service offering and build a long lasting relationship which would lead to repeat sales and positive word of mouth. Customer Retention: Given today’s highly competitive scenario where multiple providers are vying for a limited pool of customers, retaining customers is even more important than attracting new ones. Since services are usually generated and consumed at the same time, they actually involve the customer in service delivery process by taking into consideration his requirements and feedback. Thus they offer greater scope for customization according to customer requirements thus offering increased satisfaction leading to higher customer retention.
Read more about this topic: Services Marketing
Famous quotes containing the words importance of, importance and/or services:
“I can never bring you to realize the importance of sleeves, the suggestiveness of thumb-nails, or the great issues that may hang from a boot-lace.”
—Sir Arthur Conan Doyle (1859–1930)
“The Mississippi, the Ganges, and the Nile,... the Rocky Mountains, the Himmaleh, and Mountains of the Moon, have a kind of personal importance in the annals of the world.”
—Henry David Thoreau (1817–1862)
“Working women today are trying to achieve in the work world what men have achieved all along—but men have always had the help of a woman at home who took care of all the other details of living! Today the working woman is also that woman at home, and without support services in the workplace and a respect for the work women do within and outside the home, the attempt to do both is taking its toll—on women, on men, and on our children.”
—Jeanne Elium (20th century)